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13 April 2017

New bill gives property buyers more protectionSouth Africa - IolProperty
A bill governing estate agents and other property practitioners has been gazetted by Parliament, and if passed, will finally give consumers an added level of protection against illegal and unscrupulous agents.

The Property Practitioners Bill, published on March 31, aims to replace the Estate Agency Affairs Act and has been welcomed by industry professionals.

But they are concerned the 30-day deadline for comments is unrealistic.

This will provide alternative dispute resolution mechanisms for consumers and property practitioners involved in disputes over such matters as financing, marketing, managing, letting, hiring, selling and purchasing property.IolProperty

Hi-tech property exchange fuels Australian jobs growthAustralia - PRWire
PEXA’s rapid evolution from a start-up to a fully-fledged network business has seen it quickly emerge as a critical tech sector innovator. It now employs more than 200 employees
Online Property Exchange Australia (PEXA) is boosting high tech jobs growth and transforming the nation’s $6.9 trillion residential real estate market by digitising conveyancing to make buying and selling homes a whole lot easier for the public.

PEXA’s rapid evolution from a start-up to a fully-fledged network business has seen it quickly emerge as a critical tech sector innovator. It now employs more than 200 employees who are helping the mortgage lending and conveyancing industries to take property transactions online. The value of property today transacted through PEXA’s e-Conveyancing network is nearly $44 billion.PEXA

Innovative South African real estate technologySouth Africa - Harcourts
Global real estate innovation has never evolved as rapidly as it has in recent years. With technologies and cutting edge training systems the main culprits of this revolution, real estate professionals are being forced to stay on top of their game at all times.

Monitoring the latest technological advances both locally and across the world it is important to assess the effects these developments might have on the property market.

One instance in particular, the inclusion of live broadcast on social media channels, has dramatically shifted the way many estate agents are approaching their marketing efforts. In the United States live broadcasts are staking a hard claim to replace the show day, inviting interested buyers to tune in on a Sunday morning and experience the virtual tour of the home, from wherever they please, succeeded by interacting digitally with the agent via comments or online chat. This can be effectively implemented with a relatively cost effective smartphone and an internet connection.Innovative SA real estate technology

The rental agreement demystifiedSouth Africa - Lew Geffen Sotheby's
Last year's rental hike isn't necessarily applicable for the year ahead, and the days of 10% increases on residential properties are all but extinct.

"Until a few years ago, a basic lease agreement was the definitive last word in the tenant-landlord relationship and common clauses included standard annual increases and a seven days’ notice with material breach to terminate, but this is no longer the case, says Lew Geffen of Lew Geffen Sotheby's International Realty.

"The once-straightforward contract has become more complex with a raft of legislative amendments to the Rental Housing, Consumer Protection and National Credit Acts that now impact almost every aspect of the rental arena, and ignorance of their applications can land both parties in very costly hot water."The rental agreement demystified